Bitcoin, Ethereum & IOTA – Trend reversal or short recovery?

Bitcoin price has captured the $ 6,300 mark overnight again. Thanks to a “midnight spike”, which was accompanied by a significant increase in trading volume, there was a significant price increase. Ethereum and IOTA, as well as the entire crypto-currency market, can benefit from the spike and record double-digit price gains.

Bitcoin currently has a market capitalization of $ 109.8 billion, up $ 100.9 billion from the previous day. Perhaps even more noteworthy, the Weekly Rally has brought the Bitcoin price into positive territory and BTC has risen by around 3.5 percent in the last seven days. At the time of writing, the BTC is close to $ 6,415, an increase of about 8.6 percent over the past 24 hours.

With Ethereum’s price also falling below the $ 400 mark, the midnight spike saw ETH once again reach $ 450 and is currently trading at $ 452, an increase of 8.2%.

Like the market-capitalization top 2 cryptocurrencies, IOTA has also seen its midnight spike rise by around 10 percent to $ 1.01 per IOTA over the past 24 hours.

Total market capitalization has risen from around $ 236 billion to $ 256 billion since spike. As a result, total market capitalization can recapture last Monday’s value when it last exceeded $ 256 billion.

There currently seems to be no clear trigger for the rally. We are hoping that US regulators could approve a Bitcoin ETF in the near future. Nevertheless, expectations are rather low after numerous applications for the approval of Bitcoin ETFs have been rejected in the past.

Whether it is a long-term trend reversal or only a short recovery remains to be seen. In recent weeks, there have been several short-term spikes, which took place within a few hours, but ultimately could not reverse the negative trend.